Everyone wants a good deal. But wanting it - and getting it - are often more art than science. From the selling side, we see buyers making the same mistakes over and over again. If you are considering buying Myrtle Beach real estate this summer, pay close attention to these five ways to sabotage your deal:
1 - The "Deal Of The Century" Sabotage: Imagine you are having a garage sale, and someone comes along and purchases some old piece of crap for a dollar. You're happy to get it off your hands, and they're obviously happy enough to pay a dollar for it. Now imagine that, prior to giving you the dollar, they say, "I am a collector of (your crap) and I will be able to resell this for about three hundred dollars." Suddenly, you're not feeling so good about the deal. Home buyers -- and their agent -- should NEVER telegraph their enthusiasm to the seller or seller's agent. Enthusiasm inhibits negotiation and concessions!
2 - The "Let's Close Today" Sabotage: If you've ever told a pushy salesperson that you're "Just Looking" when, in fact, you knew that you were going to buy something today, this is a no-brainer. Home buyers -- and their agent -- should NEVER indicate that there is a reason why the buyer must buy soon. The seller (and seller's agent) will use this information against you.
3 - The "Better Deal Just Around The Corner" Sabotage: Home buying is one of the biggest financial transactions most people will ever face. Re-read that sentence. Everyone wants to make sure that they are making the right decision, but sometimes this leads to what I call "Paralysis of Analysis." Home buyers -- and their agent -- must have a very good understanding of the current market, and know that the home they are considering is the best option for them. Failure to do this invites disaster.
4 - The "Of Course I Can Afford It" Sabotage: In today's market, buyers should always be pre-approved by a lender before viewing homes and making an offer. However, submitting a preapproval letter for $180,000 on a $180,000 home, with an offer of $150,000, is a clear signal to the seller to hold firm on price.
5 - The "Big Stick" Sabotage: President Teddy Roosevelt once said, "Speak softly and carry a big stick." But home buyers should hide the stick. People want to work with folks they like. Negotiate in good faith all day long, but beware that an argumentative, confrontational or unreasonable buyer will make the seller walk away from the deal.
Avoiding these five big mistakes and you're well on your way to a great deal!
